Supply concerns that had been propping up prices fizzled after the US Treasury Department said it would provide sanctions relief to Rusal if Russian oligarch Oleg Deripaska gave up control of the company.

"RUSAL has felt the impact of U.S. sanctions because of its entanglement with Oleg Deripaska, but the U.S. government is not targeting the hardworking people who depend on RUSAL and its subsidiaries," Treasury Secretary Steve Mnuchin said.